EUR/JPY short-term pullback up to the trend line

The EUR/JPY pair declined yesterday from 121,600 to make a pullback up to the trend line. When we withdraw the Fibonacci, we will see that we have already had a rejection at the level of 61% once and that there is a probability that this will happen again and test the trend line.
Our first target maybe 123,000. If the EUR/JPY pair continues, we can expect the next resistance to be 123,700. Coronavirus cases continue to rise in the northern hemisphere, and governments are awaiting recent measures introduced to align the curve of newly infected with the coronavirus.
Germany has locked its regions and hopes to bring the situation back to normal in the next month. The ECB clarified the link between covid, the economy, and its politics. Therefore, the next moves of the common currency depend on the number of viruses – and if they result in greater restrictions or a gradual return to normal.

A partial lockdown has already been introduced or is being introduced in a large number of European countries. There have been protests in some countries over the new restrictions, and some countries are trying to fight the crown against mass testing.
Stricter restrictions are being introduced in Austria, and they include a curfew from 8 pm to 6 am. The implementation of these measures starts at midnight on Tuesday, November 3, and will last at least until the end of this month, announced Austrian Chancellor Sebastian Kurz. A partial lockdown in Greece from Tuesday, November 3.
Greek Prime Minister Kyriakos Mitsotakis is announcing curfew at night and closing bars, restaurants, and sports halls for a month in Athens and other cities in the country. French President Emanuel Macron introduced quarantine on the entire territory of the country on Friday, October 30.
The Italian government has introduced a “semi-quarantine” curfew in several large areas. The government has announced an aid of five billion euros for the hardest-hit professions. We will have a statement from the Bank of Japan official from the Japanese economic news on Wednesday.